Pebblebrook Hotel Trust

PEB · NYSE

$20.71+$0.61 (+3.03%)TodayMarket closed · Oct 20, 6:30 PM ET

Prev close $20.10

PEB analyst rating

HoldConsensus of 10 analysts over the last 12 months. 40% rate it a buy.

Strong buy0
Buy4
Hold4
Underperform2
Sell0

12-month price target · 15 analysts

Average $19.47 (−6.0% downside)

Low: $13.13
Now: $20.71
High: $23.10

Upgrades and downgrades

The latest rating actions, newest first

PEB analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Morgan Stanley	Oct 12, 2026	Maintains	Underweight	$13.00 → $14.00	58%
Raymond James	Sep 28, 2026	Maintains	Outperform	$18.00 → $20.00	39%
Barclays	Aug 27, 2026	Maintains	Underweight	$15.00 → $14.00	38%
Cantor Fitzgerald	Aug 11, 2026	Maintains	Neutral	$15.00 → $19.00	40%
Ladenburg Thalmann	Jul 31, 2026	Maintains	Neutral	$19.00 → $21.00	52%
Compass Point	Jul 31, 2026	Upgrade	Sell → Neutral	$19.50	52%
Stifel	Jul 30, 2026	Maintains	Buy	$20.25 → $21.25	54%
Evercore ISI Group	Jul 28, 2026	Maintains	In-Line	$17.00 → $20.00	38%
Wells Fargo	Jul 23, 2026	Maintains	Equal-Weight	$16.00 → $19.00	47%
Citigroup	Jul 22, 2026	Maintains	Neutral	$15.00 → $20.00	44%

The case for and against

Updated Oct 16, 2026

Bull case

Pebblebrook Hotel is attractive because management’s unusually candid, prescient read on lodging trends suggests a stronger fundamental setup than peers, reinforced by seven years without an NDR and a track record of calling cycle inflections early. The company benefits from improving demand-supply dynamics, strong business transient and group demand, low new supply, and portfolio-specific upside in markets like San Francisco, Los Angeles, and Boston, while asset sales and a tighter balance sheet have helped narrow the public-private valuation gap. Its financial momentum is also supportive, with 1Q26 AFFO of $0.32 versus a $0.19-$0.23 guide, adjusted EBITDA of $73.3 million, and raised 2026E/2027E EBITDA estimates to $361 million and $379 million, respectively.

Bear case

Pebblebrook Hotel is viewed negatively because, despite improving supply-demand conditions and asset sales, its balance sheet remains highly levered at 5.5x debt/EBITDA at March 31 and an estimated 5.2x net debt/EBITDA in 2027, leaving the equity exposed if lodging demand weakens. Its concentration in markets such as Boston, Los Angeles, San Francisco, San Diego, and greater South Florida adds outsized vulnerability to economic shocks, natural disasters, and adverse local or government actions, while labor and other hotel-level costs can erode margins. Even with $846 million of liquidity and shares trading at 13.0x 2027 EBITDA, the combination of cyclical hotel earnings and high leverage keeps the risk/reward unattractive.

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